{ "id": "R45434", "type": "CRS Report", "typeId": "REPORTS", "number": "R45434", "active": true, "source": "EveryCRSReport.com", "versions": [ { "source": "EveryCRSReport.com", "id": 588941, "date": "2018-12-18", "retrieved": "2019-12-20T20:18:47.759577", "title": "U.S. Trade with Major Trading Partners", "summary": "U.S. world trade has grown steadily over the past decade. In 2017, the United States exported $2.4 trillion in goods and services and imported $2.9 trillion. Since 2009, when trade flows declined sharply in the midst of the financial crisis, U.S. exports have grown\u2014in nominal terms\u201448.5%, while U.S. imports have grown 47.6%. More broadly, since 1960, trade relative to gross domestic product (GDP) has risen markedly. U.S. exports as a percentage of GDP expanded from 5% in 1960 to over 12% of GDP in 2017, while U.S. imports expanded from 4% to over 15% of GDP. China was the top U.S. trading partner in 2017, with $711.7 billion in total goods and services trade, followed by Canada ($679.9 billion), Mexico ($622.1 billion), Japan ($286.1 billion), and Germany ($239.8 billion). China was the largest source of U.S. imports, while Canada was the largest destination for U.S. exports. However, considering the 28 member states of the European Union (EU) as a single trading partner, the EU is both the largest U.S. export destination ($528.2 billion) and the largest source of U.S. imports ($629.4 billion). The majority of U.S. global trade\u2014approximately 65%\u2014is with countries that do not have a free trade agreement (FTA) with the United States. \nThe changing dynamics and composition of U.S. trade pose both opportunities and challenges for U.S. trade relations. These developments have intensified congressional interest in U.S. trade policy and heightened congressional demand for comparative analysis of U.S. bilateral trade flows. In the coming months, Congress may face matters such as shaping U.S. trade policy to reflect the changing composition of U.S. trade; enhancing the competitive position of U.S. industries, firms, and workers; promoting access to new foreign markets for U.S. businesses; and addressing new trade tensions, barriers, and other issues raised by the growing role of emerging economies in the global economy. In addition, questions affecting U.S. trade trends could arise as the Trump Administration renegotiates existing FTAs and pursues new ones, and Congress debates and potentially ratifies them. Congress may closely monitor negotiations on other trade agreements, as well as developments at the World Trade Organization. \nKey U.S Trade Developments with Major Trading Partners in 2017\nTrade in Goods\nIn 2017, the European Union (EU) was the United States\u2019 top trading partner in terms of two-way (exports plus imports) merchandise trade. The value of U.S. merchandise trade with the EU increased 4.7% to $722.2 billion in 2017. The U.S. trade deficit with the EU rose 3.0%, from $148.1 billion in 2016 to $152.6 billion in 2017.\nChina was the largest single-country U.S. trading partner based on two-way merchandise trade. U.S. two-way merchandise trade with China amounted to $636.7 billion in 2017, an increase of 9.9% from the level recorded in 2016. The U.S. merchandise trade deficit with China of $375.9 billion remained higher than the U.S. trade deficit registered with any other trading partner in 2017.\nTrade in Services\nThe EU was the United States\u2019 top trading partner in terms of two-way services trade in 2017, while the largest single-country trading partners were the United Kingdom, Canada, Japan, China, and Germany. The value of U.S. services trade with the EU increased 5.1%, from $414.4 billion in 2016 to $435.4 billion in 2017. The U.S. trade surplus with the EU declined 8.3%, from $56.1 billion in 2016 to $51.4 billion in 2017.\nIn 2017, China was the United States\u2019 fourth-largest single-country trading partner based on two-way services trade. U.S. two-way services trade with China amounted to $75.0 billion in 2017, an increase of 5.7% from the $71.0 billion recorded in 2016. The U.S. services surplus with China in 2017 amounted to $40.2 billion, increasing 3.4% over the previous year.\nU.S. Total Trade in Goods and Services\nThe EU was the United States\u2019 largest market for U.S. goods and services exports, accounting for $528.2 billion (22.5% of total U.S. exports), as well as the leading source of U.S. imports, which totaled $629.4 billion (21.7% of total U.S. imports). Canada was the second-largest U.S. export market, with $341.3 billion worth of U.S. exports (14.5% of total U.S. exports), and the fourth-largest source of U.S. imports, which totaled $338.5 billion (11.6% of total U.S. imports). China\u2019s share of U.S. trade has increased dramatically over the past few decades. In 2000, it accounted for 2.0% of total U.S. exports and 7.1% of total U.S. imports. By 2017, China\u2019s share had risen to 8.0% of total U.S. exports and 18.0% of U.S. imports.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R45434", "sha1": "a723f4cbb578256415e212e29a495d9207687526", "filename": "files/20181218_R45434_a723f4cbb578256415e212e29a495d9207687526.html", "images": { "/products/Getimages/?directory=R/html/R45434_files&id=/10.png": "files/20181218_R45434_images_f3c1963a717dbfca7f1e8175143ba129e5bc2fc9.png", "/products/Getimages/?directory=R/html/R45434_files&id=/1.png": "files/20181218_R45434_images_54be7f0388a07e7785ffb5accfb24defc629dc92.png", "/products/Getimages/?directory=R/html/R45434_files&id=/6.png": "files/20181218_R45434_images_5c352fd288e9a7d49de57572aa93b4df9275406d.png", "/products/Getimages/?directory=R/html/R45434_files&id=/5.png": "files/20181218_R45434_images_30d7f14d7c32ac4f33ef8f0fd1344f95e7de2c19.png", "/products/Getimages/?directory=R/html/R45434_files&id=/13.png": "files/20181218_R45434_images_3f3413dd5862ae8cc9a207fa4e30e23e789cf5fc.png", "/products/Getimages/?directory=R/html/R45434_files&id=/12.png": "files/20181218_R45434_images_828c3d06a060b512a1417e67c2de2afd2ab978a9.png", "/products/Getimages/?directory=R/html/R45434_files&id=/15.png": "files/20181218_R45434_images_9cfe9753e345a275e94882c3783153402df31d8b.png", "/products/Getimages/?directory=R/html/R45434_files&id=/19.png": "files/20181218_R45434_images_7c011d62669de71d703041f042631498233d358b.png", "/products/Getimages/?directory=R/html/R45434_files&id=/16.png": "files/20181218_R45434_images_4892b9bd9cfd66a46c2a359f4aedd528b9b84a77.png", "/products/Getimages/?directory=R/html/R45434_files&id=/9.png": "files/20181218_R45434_images_ecb8f4e6fce6d6b6f49bebbdde6e5f7d625951b7.png", "/products/Getimages/?directory=R/html/R45434_files&id=/20.png": "files/20181218_R45434_images_5fc140041ef91904822e907abef8e60f397196e3.png", "/products/Getimages/?directory=R/html/R45434_files&id=/3.png": "files/20181218_R45434_images_6a0d28a4aae04c9d8f6f655610db4198e0890222.png", "/products/Getimages/?directory=R/html/R45434_files&id=/17.png": "files/20181218_R45434_images_e471a630879f812f3f31140ed55420a808f30173.png", "/products/Getimages/?directory=R/html/R45434_files&id=/0.png": "files/20181218_R45434_images_df5732d1c26c8cf0b0eddc31acb7da6aff0857ae.png", "/products/Getimages/?directory=R/html/R45434_files&id=/11.png": "files/20181218_R45434_images_11b1dcf1141798b6e7a1cf3d6098e64d1584d932.png", "/products/Getimages/?directory=R/html/R45434_files&id=/8.png": "files/20181218_R45434_images_bc3aea4937fd7c9747c463b31c23e772cf203df8.png", "/products/Getimages/?directory=R/html/R45434_files&id=/4.png": "files/20181218_R45434_images_2ac0043db9fa442862bd8e7953da32bf773c360c.png", "/products/Getimages/?directory=R/html/R45434_files&id=/14.png": "files/20181218_R45434_images_28f2c65ece7c4dee792a862b11eb94cef13f329c.png", "/products/Getimages/?directory=R/html/R45434_files&id=/18.png": "files/20181218_R45434_images_40238906a900ecb2381297bcbe82f7b998e3e8a4.png", "/products/Getimages/?directory=R/html/R45434_files&id=/7.png": "files/20181218_R45434_images_c81c398db9e0da15f95b53fd481b4aeb4c83b25a.png", "/products/Getimages/?directory=R/html/R45434_files&id=/2.png": "files/20181218_R45434_images_10bc940d9f33236ded48d29682a01de16d6be69c.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R45434", "sha1": "b94566fffe591f550bf2d4120c7663705f59dba0", "filename": "files/20181218_R45434_b94566fffe591f550bf2d4120c7663705f59dba0.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4765, "name": "Trade Agreements & WTO" }, { "source": "IBCList", "id": 4866, "name": "U.S. Trade Policy Overview" }, { "source": "IBCList", "id": 4938, "name": "Major Economies & U.S. Trade Relations" } ] } ], "topics": [ "Foreign Affairs", "Industry and Trade" ] }